Car Repossession Laws in Georgia
Atlanta bankruptcy attorneys protect your valuable assets
After spending months saving for your dream car, the last thing that you want is for it to be repossessed. Yet millions of Americans stand by helplessly as their cars and other possessions are taken away. Don't let that happen to you. Our attorneys are experts in the car repossession laws in Georgia and can help you to avoid repossession.
When making a large purchase, like a car, it's common for people to take out a loan. They enter into a contract with their creditor to make installment payments until the loan is paid off and the property is theirs. If a buyer fails to make all of the payments in a timely manner, the creditor has the right to reclaim — repossess — the property. This includes the option of foreclosure, or repossession of your home. Often a creditor may visit you in broad daylight and tow your car away right in front of you. Even this is legal as long as the creditor does not "breach the peace" (take the property by force).
You don't have to be helpless when facing repossession
If you are in debt and facing repossession of your car, television or furniture, you have options. Contact a DebtStoppers repossession attorney in Atlanta, and let them advise you about the benefits of filing for bankruptcy. The moment you file, you are granted an automatic stay, which temporarily stops creditors from repossessing any of your property, giving you time to come up with a solution that will satisfy your debt problems.
An individual can file for bankruptcy under Chapter 7 or Chapter 13. When you file for Chapter 13, you and your attorney must put together a realistic repayment plan that can erase your debts in three to five years. You won't lose any of your possessions unless you default under the new plan. With Chapter 7, the risk of losing some possessions is greater. Chapter 7 liquidates "non-exempt" assets to pay back your creditors right away. You will be debt-free, but your house or car is vulnerable unless it qualifies as exempt, a determination that varies from state to state. Georgia's exemption law has grown more liberal over the years. Talk to a highly knowledgeable Atlanta repossession lawyer today about which form of bankruptcy would work best for you.
Contact Atlanta DebtStoppers to stop repossession of your car or other assets
The experienced attorneys at DebtStoppers excel at helping people like you out of a debt crisis. Let us help you get a new start. Contact us at 404-796-7161 or online to set up a free, one-on-one debt consultation.